Prepared Exclusively for Valued Client
February 2026
The LAAA Team at Marcus & Millichap is one of Southern California's most active multifamily investment sales teams, ranked #1 in Los Angeles County and #4 in all of California by CoStar for multifamily transaction volume (2019-2021). With over 500 closed transactions totaling $1.6 billion in sales, the team brings institutional-grade market knowledge to every engagement.
The LAAA Team maintains a proprietary database of over 40,000 apartment investors and 10,000 cooperating brokers, enabling targeted buyer outreach that consistently produces competitive offers and above-market pricing. The team's integration of Marcus & Millichap's national platform provides sellers access to the firm's 1031 exchange network, institutional buyer relationships, and real-time market intelligence across 80+ offices nationwide.
• #1 Most Active Multifamily Team in LA County (2019-2021, CoStar)
• #4 in California for multifamily transaction volume (2019-2021, CoStar)
• 40,000+ Investor Database with targeted outreach capabilities
• 34 Median Days on Market - consistently outperforming market averages
• Chairman's Club Recognition - Marcus & Millichap's a top-tier annual honor
• Record-Setting Sales - Highest price achieved for a 4-unit in North Hollywood 91605
The LAAA Team is pleased to present 11315 Tiara Street, a fully renovated triplex with a junior accessory dwelling unit in the heart of Mid-Town North Hollywood. The property consists of three spacious 3-bedroom/2-bathroom units and one 1-bedroom/1-bathroom JADU, totaling approximately 4,350 square feet of living space on a 7,000-square-foot lot. Originally constructed in 1926 with additions in 2005, the property underwent a comprehensive renovation in 2024-2025 that included new electrical (400-amp panel with 3 meters), new plumbing, 13 mini-split HVAC units, and complete interior remodeling - effectively delivering new-construction systems in an established residential setting.
The property generates $184,800 in annual gross scheduled rent at full occupancy, with three-bedroom units commanding $4,200-$4,400 per month and the furnished JADU at $2,500 per month. At the offered price of $2,350,000, the property delivers a GRM of 12.7 against a comparable sales average of 15.0, meaning a buyer acquires significantly more income per dollar invested than recent comparable transactions in the area.
North Hollywood's Mid-Town corridor is positioned for material appreciation driven by District NoHo, a $1 billion-plus Metro joint development delivering 1,500 residential units and 500,000 square feet of office space at the North Hollywood Metro B Line station, less than one mile from the property.
Ideally positioned in Mid-Town North Hollywood, 11315 Tiara Street offers residents direct access to one of the San Fernando Valley's most dynamic and rapidly evolving submarkets. The property benefits from a Walk Score of 79 (Very Walkable) and a Transit Score of 59 (Good Transit), with the Metro B Line (Red) North Hollywood Station located approximately 0.7 miles away, providing direct subway service to Hollywood, Downtown Los Angeles, and beyond. The neighborhood is anchored by NoHo West, a premier retail destination featuring Trader Joe's, LA Fitness, and Regal Cinemas, while the celebrated NoHo Arts District sits less than one mile to the east.
North Hollywood is poised for transformative growth. District NoHo, a $1 billion-plus Metro joint development at the North Hollywood Station, will deliver 1,500 new residential units, 500,000 square feet of creative office space, and 100,000 square feet of neighborhood-serving retail. This is the largest residential transit-oriented development project in Metro's history, and its construction signals a powerful trajectory for property values across the submarket.
Proximity to major freeways (170, 101, 134) and employment centers in Burbank, Studio City, and greater Los Angeles solidifies the location's appeal to a broad renter demographic. The property sits within a Transit Priority Area and a State Enterprise Zone, dual designations that provide density bonus eligibility and potential tax incentives for qualified buyers.
| Location Details | |
|---|---|
| Walk Score | 79 (Very Walkable) |
| Transit Score | 59 (Good Transit) |
| Bike Score | 58 (Bikeable) |
| Nearest Metro | B Line - North Hollywood, ~0.7 mi |
| Nearest Freeways | 170 (0.5 mi), 101 (1.5 mi) |
| Major Retail | NoHo West (Trader Joe's), 0.8 mi |
| Arts & Entertainment | NoHo Arts District, <1 mi |
| Major Employers | Burbank Media (3 mi), Universal (4 mi) |
| Development | District NoHo - $1B+, 1,500 units |
| Community Plan | North Hollywood - Valley Village |
| Property Overview | |
|---|---|
| Address | 11315 Tiara St, North Hollywood 91601 |
| APN | 2337-010-017 |
| Year Built | 1926 (Unit 1); 2005 (Units 2-4) |
| Building SF | 4,350 (seller) / 4,243 (appraiser) |
| Lot Size | 7,000 SF (50 x 140) |
| Stories | 2 |
| Construction | Wood frame, stucco, asphalt shingle |
| Condition | C2 (Good) - full renovation 2024-2025 |
| Site & Zoning | |
|---|---|
| Zoning | LARD2 (Low-Medium II Residential) |
| TOC Tier | Tier 1 |
| Transit Priority Area | Yes |
| Community Plan | North Hollywood - Valley Village |
| Parking | 4 spaces (concrete driveway) |
| FEMA Flood Zone | Zone C (minimal hazard) |
| Building Systems | |
|---|---|
| Electrical | 400A panel, 3 meters (new 2025) |
| HVAC | 13 ductless mini-splits (new 2024) + FAU/CAC |
| Plumbing | Full TI (finaled 2024) |
| Lighting | 80 receptacles, 68 lights, 22 circuits |
| Ventilation | 7 bath fans, 3 kitchen hoods, 4 dryer vents |
| Water Heaters | Individual units |
| Metering | 3 electric, 3 gas (Units 3 & 4 share elec) |
| Regulatory & Compliance | |
|---|---|
| Rent Control (RSO) | Yes - 4% max annual increase |
| Soft-Story Retrofit | Not required |
| Permits | 6 finaled (2024-2025) |
| Certificate of Occupancy | 1 on file |
| Date | Event | Price | Notes |
|---|---|---|---|
| 04/2022 | MLS Listing (Expired) | $1,200,000 list | Orig $1,299,000; 81 DOM; pre-renovation; Section 8 at $936-$958/mo |
| 07/2022 | MLS Listing (Canceled) | $1,050,000 list | Orig $1,150,000; 158 DOM; same condition |
| 10/2023 | Sale | $1,000,000 | Acquired as unrenovated triplex by current owner |
| 2024-2025 | Renovation | Est. $300K-$500K | Full gut renovation: electrical, plumbing, HVAC, finishes; 6 permits |
| 08/2025 | Appraisal | $2,350,000 | Chase appraisal; sales comparison approach |
| 10/2025 | Refinance | $1,400,000 loan | Rocket Mortgage; 30-yr conventional; ~60% LTV |
The property's transaction history illustrates a clear value-creation story. The previous owners listed the property twice in 2022 without attracting a buyer. At that time, the building housed Section 8 tenants paying $936-$958 per month in a physically dated condition. The property sold to the current owner in October 2023 for $1,000,000. Following acquisition, the owner undertook a comprehensive renovation that effectively rebuilt the property from the studs out. The renovation transformed monthly rental income from approximately $2,900 (pre-renovation) to $15,400 at full occupancy - a 5.3x increase. In August 2025, Chase appraised the property at $2,350,000.
Broad appeal across buyer segments supports competitive pricing and multiple offer scenarios.
"No MLS closed sales above $1.55M for a 3-4 unit here. How do you justify $2.35M?"
The MLS comp set is dominated by unrenovated and distressed properties with rents of $900-$3,100/mo. The subject generates $15,400/mo - more than double the best MLS comp. Three appraiser-selected renovated 4-unit comps traded at $2.525M-$2.9M. At $2.35M, the subject's GRM of 12.7 is 15% below the renovated comp average of 15.0.
"The JADU is unpermitted. Why should I pay for a 4th unit?"
The JADU's $2,500 monthly rent is 16% of total gross income. Under AB 2533 (effective January 2025), California provides clear legalization pathways. Even excluding Unit 4 entirely, the three remaining units generate $12,900/mo ($154,800 annually), supporting a price above $1.9M.
"All utilities are landlord-paid. What does that cost?"
Estimated annual utility burden is approximately $13,900. This is fully reflected in the underwriting (total expenses of $45,926). The utilities-included strategy supports premium rents: subject 3-bedrooms at $4,200-$4,400 vs. comparable units without utilities at $3,400-$3,900.
"Property taxes will be reassessed at purchase. How does that affect returns?"
At $2.35M, annual taxes increase from $12,714 to approximately $27,495 (+$14,781/yr). Even with reassessed taxes, the property generates NOI of approximately $118,500, representing a 5.04% cap rate - competitive for a fully renovated, transit-adjacent residential asset in Los Angeles.
Interactive map available at the live URL.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | GRM | Sold | DOM | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 11415 Miranda St | 4 | 1963 | 4,164 | $1,550,000 | $387,500 | $372 | 16.5x | 03/2025 | 72 | Renovated; quartz, mini-splits, W/D |
| 2 | 5626 Willowcrest Ave | 4 | -- | 5,815 | $2,525,000 | $631,250 | $434 | 14.7x | 04/2025 | 21 | C2 condition; appraisal comp |
| 3 | 5648 Auckland Ave | 4 | -- | 5,299 | $2,650,000 | $662,500 | $500 | 15.0x | 03/2024 | 21 | C2; 8-car garage; appraisal comp |
| 4 | 5508 Camellia Ave | 4 | -- | 5,632 | $2,900,000 | $725,000 | $515 | 15.2x | 12/2024 | 11 | Highest rent ($15,925/mo); appraisal comp |
| 5 | 11320 Emelita St | 3 | 1923 | 2,502 | $970,000 | $323,333 | $388 | 12.9x | 08/2025 | 20 | Probate; pre-renovation baseline |
| 6 | 6003 Cahuenga Blvd | 4 | 1956 | 3,420 | $1,250,000 | $312,500 | $365 | 20.9x | 07/2025 | 116 | Maintained, not renovated; 116 DOM |
Subject metrics at $2,350,000: $587,500/unit | $540/SF | 12.7x GRM
1. 11415 Miranda St ($1,550,000) - $387,500/unit | $372/SF | 16.5x GRM
The most directly comparable MLS closed sale. Miranda is a renovated 4-unit property with modern finishes including quartz countertops, ductless split HVAC, and tankless water heaters. At 4,164 SF, it is similar in size to the subject. However, Miranda's actual monthly rent of $7,845 is roughly half the subject's $15,400. The subject's substantially higher income supports a significant premium. Miranda establishes the floor for renovated properties at $387,500 per unit.
2. 5626 Willowcrest Ave ($2,525,000) - $631,250/unit | $434/SF | 14.7x GRM
A renovated 4-unit property rated C2 (Good) by the appraiser, comparable to the subject's condition. Willowcrest generated $14,300 per month at sale - closely aligned with the subject's income. The key difference is building size: Willowcrest's 5,815 SF exceeds the subject by approximately 1,465 SF, accounting for its higher total price. At $434/SF, Willowcrest provides a relevant $/SF benchmark.
3. 5648 Auckland Ave ($2,650,000) - $662,500/unit | $500/SF | 15.0x GRM
Another renovated 4-unit rated C2. Auckland features all 3-bedroom/3-bathroom units and an 8-car garage - superior parking to the subject's 4-space driveway. Sold in March 2024, making it the oldest sale at 23 months. Its $500/SF and $662,500/unit provide context for the upper range of the market.
4. 5508 Camellia Ave ($2,900,000) - $725,000/unit | $515/SF | 15.2x GRM
The highest-priced comp and closest match in rent level. Camellia's $15,925/mo is remarkably close to the subject's $15,400. Sold in only 11 days, indicating strong buyer demand. Camellia is larger at 5,632 SF with 4- and 5-bedroom configurations, partially accounting for the higher total price. Establishes the $/SF ceiling at $515.
5. 11320 Emelita St ($970,000) - Baseline Reference
One block from the subject with identical LARD2 zoning and similar lot size. Sold in probate with rents of $6,265/mo. Illustrates the value created by renovation - transforming a similar property from the $970K unrenovated tier to the $2.35M renovated tier.
6. 6003 Cahuenga Blvd ($1,250,000) - Maintained Reference
A well-maintained but unrenovated 4-unit on a commercial boulevard. At 116 DOM and $312,500/unit, demonstrates the pricing gap between maintained and fully renovated properties.
Interactive map available at the live URL.
| # | Address | Units | Year | SF | List Price | $/Unit | $/SF | DOM | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 5841 Tujunga Ave | 4 | 1941 | -- | $1,250,000 | $312,500 | -- | 166 | NOD filed; AS-IS; 166 DOM |
| 2 | 5622 Willowcrest Ave | 4 | -- | 5100 | $2,595,000 | $648,750 | $509 | 82 | C1 (superior); appraisal active listing |
The current on-market inventory for renovated 3-4 unit properties in North Hollywood is extremely thin, with only two active listings identified. 5841 Tujunga Avenue is listed at $1,250,000 but carries significant red flags: a Notice of Default, 166 days on market, and no financial information. This listing does not represent a competitive threat.
5622 Willowcrest Avenue is listed at $2,595,000 for a 4-unit property rated C1 (superior condition). At $648,750/unit with 82 DOM, this provides a relevant pricing benchmark for the upper end. The subject at $2,350,000 ($587,500/unit) is priced 9.4% below the Willowcrest listing, offering buyers a compelling alternative at a lower entry point. The limited active supply works in the seller's favor.
Interactive map available at the live URL.
| # | Address | Rent | SF | $/SF | Source | Features |
|---|---|---|---|---|---|---|
| 1 | 6047 Tujunga Ave | $4,100 | 1,400 | $2.93 | Zillow | Renovated, W/D, 2-car garage |
| 2 | 5200 Cartwright Ave | $4,600 | 1,600 | $2.88 | Zillow | Renovated 1923, central AC |
| 3 | 10652 Landale St | $4,200 | 1,500 | $2.80 | Zillow | Updated, W/D, garage |
| 4 | 5303 Hermitage Ave | $3,695 | -- | -- | Apartments.com | Renovated, granite, W/D |
| 5 | 11456 Oxnard St | $3,395 | 1,450 | $2.34 | Apartments.com | Basic, no AC, no parking |
| 6 | 4901 Laurel Canyon Blvd | $3,200 | 1,000 | $3.20 | Apartments.com | Smaller unit, older building |
| Average | $3,865 |
| # | Address | Rent | SF | $/SF | Source | Notes |
|---|---|---|---|---|---|---|
| J1 | 10744 Blix St | $2,095 | 600 | $3.49 | Zillow | Basic, older building |
| J2 | 5309 Hermitage Ave | $2,250 | 750 | $3.00 | Apartments.com | Updated, gated parking |
| J3 | 5303 Hermitage Ave | $2,395 | -- | -- | Apartments.com | Renovated, granite |
| J4 | 11100 Hartsook St | $2,455 | -- | -- | Apartments.com | Renovated, A/C, parking |
| Unfurnished Avg | $2,299 | Furnished range: $2,500-$3,000 |
The subject's current rents of $4,200-$4,400 for the 3-bedroom units are supported by comparable asking rents ranging from $3,200 to $4,600 with an average of $3,865. The subject's rents sit above average, justified by the fully renovated condition, all-new building systems, and the utilities-included strategy that adds an estimated $150-$200 per month in perceived value per unit. The JADU at $2,500/month operates as a furnished mid-term rental, capturing a meaningful premium over the unfurnished 1-bedroom average of $2,299.
Important caveats: All rent comps reflect asking rents, not verified achieved rents. Actual rents may be 2-5% below asking. RSO limits annual increases to 4% for in-place tenants, but vacancy decontrol allows market reset at turnover.
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 1 | 3BR/2BA | 1,350 | $4,400 | $3.26 | Occupied | Renovated 1926 structure |
| 2 | 3BR/2BA | 1,300 | $4,200 | $3.23 | Vacant | Built 2005; market rent |
| 3 | 3BR/2BA | 1,150 | $4,300 | $3.74 | Occupied | Built 2005; 2nd floor |
| 4 (JADU) | 1BR/1BA | 550 | $2,500 | $4.55 | Occupied | Furnished midterm rental |
| Total | 4,350 | $15,400 | $3.54 | $184,800/yr |
| Income | Annual | Per Unit | % EGI |
|---|---|---|---|
| Gross Scheduled Rent (Market GSR) | $184,800 | $46,200 | -- |
| Less: Vacancy & Credit Loss (3%) | -$5,544 | -$1,386 | -- |
| Effective Gross Income | $179,256 | $44,814 | 100% |
| Expenses | Annual | Per Unit | % EGI |
|---|---|---|---|
| Property Taxes [1] | $27,495 | $6,874 | 15.3% |
| Insurance [2] | $4,000 | $1,000 | 2.2% |
| Water / Sewer [3] | $4,800 | $1,200 | 2.7% |
| Trash [4] | $1,600 | $400 | 0.9% |
| Gas [5] | $2,400 | $600 | 1.3% |
| Electric [6] | $3,600 | $900 | 2.0% |
| Common Area Electric [7] | $1,500 | $375 | 0.8% |
| Repairs & Maintenance [8] | $4,400 | $1,100 | 2.5% |
| Contract Services [9] | $1,500 | $375 | 0.8% |
| Administrative [10] | $1,000 | $250 | 0.6% |
| Marketing [11] | $500 | $125 | 0.3% |
| Management Fee (4%) [12] | $7,170 | $1,793 | 4.0% |
| Reserves [13] | $800 | $200 | 0.4% |
| Other / SCEP [14] | $454 | $114 | 0.3% |
| Total Expenses | $61,219 | $15,304 | 34.2% |
| Net Operating Income | $118,037 | $29,509 | 65.8% |
Property taxes shown at current assessment ($12,714). Reassessed at purchase price: see note [1].
[1] Property Taxes: Shown at current Prop 13 basis ($12,714). At $2.35M purchase, reassessed to ~$27,495 (1.17%). Buyer's actual NOI adjusts by -$14,781.
[2] Insurance: $4,000/yr per seller estimate ($1,000/unit). Buyer should obtain independent quotes; wildfire and earthquake riders may add $1,000-$2,000.
[3] Water / Sewer: $4,800/yr ($1,200/unit). Landlord-paid; all utilities included in rent.
[4] Trash: $1,600/yr ($400/unit). LA Bureau of Sanitation service.
[5] Gas: $2,400/yr ($600/unit). Landlord-paid; shared metering on 3 meters.
[6] Electric: $3,600/yr ($900/unit). Landlord-paid; 3 meters (Units 3 & 4 share).
[7] Common Area: $1,500/yr. Exterior lighting, common spaces.
[8] Repairs & Maintenance: $4,400/yr ($1,100/unit). Below benchmark due to full 2024-2025 renovation; all systems new.
[9] Contract Services: $1,500/yr. Landscaping, pest control for a small residential lot.
[10] Administrative: $1,000/yr. Accounting, legal, miscellaneous.
[11] Marketing: $500/yr. Minimal in strong rental market with organic demand.
[12] Management (4%): $7,170/yr. Included for normalization; many 3-4 unit buyers self-manage.
[13] Reserves: $800/yr ($200/unit). Reduced from standard due to all-new systems.
[14] Other / SCEP: $454/yr. Sewer Capacity Enhancement Program.
| Operating Data | |
|---|---|
| Price | $2,350,000 |
| Down Payment (25%) | $587,500 |
| Number of Units | 4 |
| Price / Unit | $587,500 |
| Price / SF | $540 |
| Gross Building SF | 4,350 |
| Lot Size | 7,000 SF |
| Year Built | 1926 / 2005 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 5.04% |
| GRM | 12.72x |
| Cash-on-Cash | -3.17% |
| DSCR | 0.86x |
| Financing | |
|---|---|
| Loan Amount | $1,762,500 |
| Loan Type | 30-Yr Fixed (Fannie/Freddie) |
| Interest Rate | 6.75% |
| LTV | 75% |
| Annual Debt Service | $137,178 |
| Income | |
|---|---|
| Gross Scheduled Rent | $184,800 |
| Less: Vacancy (3%) | -$5,544 |
| Effective Gross Income | $179,256 |
| Cash Flow (Reassessed) | |
|---|---|
| Net Operating Income | $118,549 |
| Less: Debt Service | -$137,178 |
| Net Cash Flow | $-18,629 |
| Year 1 Principal Reduction | $18,784 |
| Expenses (Reassessed) | |
|---|---|
| Property Taxes | $27,495 |
| Insurance | $4,000 |
| Water / Sewer | $4,800 |
| Trash | $1,600 |
| Gas | $2,400 |
| Electric | $3,600 |
| Common Area Electric | $1,500 |
| Repairs & Maintenance | $4,400 |
| Contract Services | $1,500 |
| Administrative | $1,000 |
| Marketing | $500 |
| Management Fee (4%) | $7,170 |
| Reserves | $800 |
| Other / SCEP | $454 |
| Total Expenses | $60,707 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,500,000 | 4.67% | -4.66% | $625,000 | $575 | 13.53x | 0.80x |
| $2,475,000 | 4.73% | -4.43% | $618,750 | $569 | 13.39x | 0.81x |
| $2,450,000 | 4.79% | -4.19% | $612,500 | $563 | 13.26x | 0.82x |
| $2,425,000 | 4.85% | -3.94% | $606,250 | $557 | 13.12x | 0.83x |
| $2,400,000 | 4.92% | -3.69% | $600,000 | $552 | 12.99x | 0.84x |
| $2,375,000 | 4.98% | -3.43% | $593,750 | $546 | 12.85x | 0.85x |
| $2,350,000 | 5.04% | -3.17% | $587,500 | $540 | 12.72x | 0.86x |
| $2,325,000 | 5.11% | -2.90% | $581,250 | $534 | 12.58x | 0.88x |
| $2,300,000 | 5.18% | -2.63% | $575,000 | $529 | 12.45x | 0.89x |
| $2,275,000 | 5.25% | -2.35% | $568,750 | $523 | 12.31x | 0.90x |
| $2,250,000 | 5.32% | -2.07% | $562,500 | $517 | 12.18x | 0.91x |
| $2,225,000 | 5.39% | -1.77% | $556,250 | $511 | 12.04x | 0.92x |
| $2,200,000 | 5.47% | -1.48% | $550,000 | $506 | 11.90x | 0.94x |
| $2,175,000 | 5.54% | -1.17% | $543,750 | $500 | 11.77x | 0.95x |
| $2,150,000 | 5.62% | -0.86% | $537,500 | $494 | 11.63x | 0.96x |
| $2,125,000 | 5.70% | -0.54% | $531,250 | $489 | 11.50x | 0.98x |
| $2,100,000 | 5.78% | -0.21% | $525,000 | $483 | 11.36x | 0.99x |
| $2,075,000 | 5.87% | 0.12% | $518,750 | $477 | 11.23x | 1.01x |
The offering price of $2,350,000 is supported by a Chase appraisal dated August 14, 2025. The property's buyer-normalized gross scheduled rent of $184,800 per year produces a GRM of 12.7 - meaningfully below the renovated comparable average of 15.0. This means the buyer acquires 15% more rental income per dollar invested than the average comparable transaction. The price per unit of $587,500 is 13% below the renovated comp average of $672,917, providing further margin for the buyer.
The expected sale range of $2,000,000 - $2,200,000 reflects the MLS market reality where buyers may apply a discount relative to the appraiser-selected comps, particularly given the subject's smaller building size (4,350 SF vs. 5,000-5,800 SF for the appraiser comps) and the unpermitted JADU. Within this range, the subject still delivers a GRM of 10.8-11.9x and cap rates of 5.5-6.1% on a reassessed basis - attractive for a turnkey, transit-adjacent residential asset.